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Full Merger Between Price Waterhouse and Coopers & Lybrand

United Kingdom
05/08/1999
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In May 1998 the Commission declared the Price Waterhouse/Coopers & Lybrand concentration to be compatible with the common market and the function of the EEA agreement. The decision was published in February this year. Both companies are part of the so-called "big six" audit and accounting organisations worldwide. They provide a broad range of professional services to private sector clients, mainly large national and multinational companies. They also have clients in the public sector

The Commission identified five product markets in which the parties’ activities overlap: tax advice and compliance, management consultancy, insolvency, corporate finance advice, and auditing and accounting.

For the delineation of the geographic market concerned, the Commission chose national markets for audit and accounting, tax advisory and compliance services, as well as insolvency services. As regards management consultancy services and corporate finance advisory services, the Commission decided to leave the precise definition of the relevant geographic market open. This was because the merger does not lead to the creation or strengthening of a dominant position in any geographic market.

Although the merged entity is one of the two biggest firms in every Member State (except Austria), the other of the two biggest firms varies throughout the Community. Moreover, the market share gap between the biggest two and the third biggest firms is narrow Community and global market.

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